Goldman Sachs downgraded Ultrapar (UGP) to Neutral from Buy with a price target of $5.40, up from $4.50. While the firm acknowledges Ultrapar’s management has successfully executed a corporate turnaround, it also notes Ultrapar has smaller exposure to fuel distribution than Vibra, recent news flow indicated that Ultra may be considering diversifying beyond its current core businesses, and Ultrapar shares are up by 62% since end-January of last year.
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